GWBLGuaranteed Withdrawal Benefit for Life (insurance/annuities)
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The Accumulator(R) GWBL allows withdrawals to begin at a guaranteed rate of 4%, 5%, 6% or 7% of the benefit base, depending on the age of the annuity owner when withdrawals begin (or the age of the younger spouse if the GWBL rider is elected with the Joint Life Option), though this benefit cannot commence before the owner's age 45.
Further, when GWBL is selected as an option, the benefit base grows by 5% annually (simple interest) during the first 10 years when no withdrawals are taken.
The GWBL and GMIB are optional features of the Accumulator(R) variable annuity.